Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Salem Commercial Building For Sale Title is generated by Realmo AI

    18 Public Sq, Salem, IN

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Well-maintained commercial building with storefronts, office space, and parking.

    Type:OFFICE
    Lot size:
    0.08 Acres
    Added:
    Nov 20, 2025
    Days on Market:
    192
    Last Refresh:
    May 19 at 9:28 pm

    Property Features for 18 Public Sq

    General Information

    Standard status
    Active
    Lot size
    0.08 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Melanie Wells
    Melanie Wells

    Listing agent Melanie Wells

    Listing office HOOSIER REALTY

    Listing date Nov 20, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of HOOSIER REALTY

    HighLights

    • Prime Downtown Salem location on Public Square.
    • Rare private parking in the downtown area.
    • Two separate storefronts with excellent visibility and high foot traffic.
    • Upstairs space suitable for office, studio, or residential use.
    • Income potential for investors or owner‑occupants.
    • Three HVAC systems, three restrooms, and two kitchenettes.

    Overview

    Located in Downtown Salem at 18 Public Square, this commercial building features two separate storefronts, an upstairs space suitable for office, studio, or residential use, and private parking. The property includes three restrooms, two kitchenettes, and three HVAC systems. Basement storage is available. The storefronts offer large display windows and benefit from strong foot traffic with immediate access to the Square. The property is suitable for multiple businesses, investors, or owner-occupants seeking income potential. The listing broker is the property owner.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hoosier Realty Real Estate Agency Buds & Bees Salon Hair Salon Real Estate in SALEM Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Washington
    State
    Indiana
    Longitude
    -86.1004
    Latitude
    38.6064

    Nearby Similar for Sale

    • $199,900
      10,246 SF

      Spacious Commercial Building with Parking

      Large commercial building suitable for various business ventures.
      300 W Mulberry Street, Salem, IN 47167
      View Details
    • $299,000
      7,548 SF

      Versatile Mixed-Use Commercial Property

      Mixed-use property with storefronts, parking, and residential potential.
      18 Public Sq, Salem, IN 47167
      View Details
    • $299,000
      2,958 SF

      Updated Commercial Building with Apartment

      Updated commercial building with apartment in Salem, Indiana.
      62 Public Sq, Salem, IN 47167
      View Details
    • $795,000
      4,001 SF

      Turnkey Income-Generating Homestead Property

      Fully furnished, renovated farmhouse on 3 acres with managed homestead.
      3275 W Mount Tabor Road, Salem, IN 47167
      View Details
    • $850,000
      14,000 SF

      Versatile Commercial Property on Large Lot

      Large commercial property with flexible space and ample parking.
      1110 W Mulberry Street, Salem, IN 47167
      View Details
    • $199,900

      Commercial Building with Parking Space

      Versatile commercial building suitable for various business ventures.
      300 W Mulberry Street, Salem, IN 47167
      View Details
    • $359,900
      3,524 SF

      Versatile Flex Property on Main

      Flex property with offices, garage, storage, and income potential.
      205 N Main Street, Salem, IN 47167
      View Details
    • $275,000
      1,500 SF

      Updated Log Cabin Home

      Updated log cabin home on 10 acres with creek.
      3711 W Vincennes Trail, Salem, IN 47167
      View Details
    • $120,000
      2,138 SF

      Prime Commercial Space Available

      Commercial space for sale or lease with high visibility.
      1408 W Mulberry Street, Salem, IN 47167
      View Details
    • $1,300,000
      22,894 SF

      Storage Complex with 140 Units

      Storage complex with 140 units on 2.0 acres.
      406 Cox Ferry Road, Salem, IN 47167
      View Details
    • $399,900
      1,625 SF

      Renovated Farmhouse on 5 Acres

      Completely renovated farmhouse with barn and new amenities on 5 acres.
      2213 N Highland Road, Salem, IN 47167
      View Details
    • $200,000
      1,440 SF

      Versatile Garage with Office Space

      Garage with office space, ample parking, and building sites.
      1000 W Market Street, Salem, IN 47167
      View Details

    FAQs

    What type of property is this?
    Office building - Well-maintained commercial building with storefronts, office space, and parking.
    Where is this office building located?
    The property is located at 18 Public Sq Salem, IN.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Prime Downtown Salem location on Public Square.; Rare private parking in the downtown area.; Two separate storefronts with excellent visibility and high foot traffic.
    (812) 620-3018 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Melanie Wells
    Melanie Wells
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    18 Public Sq, Salem, IN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!